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IVAs 'do not solve problem'
People who opt for Individual Voluntary Arrangements (IVA) as a way to solve their debt problems can have a "very hard" time to restore their credit rating, a spokesperson for IVA.co.uk has said.
A secured loan in order to consolidate debts could be one option for consumers considering an IVA.
Spokesperson for IVA.co.uk Andy Davies said: "For anybody who has been into debt and become insolvent it's very, very difficult, near on impossible to get back into normal business."
He added that after an IVA has been completed, it can be a "nightmare" as a credit record has been completely wiped.
IVAs have to be arranged through professionals and are becoming increasingly popular as a method to solve debt problems. However, they are a last resort, and securing other borrowing could be another option for some people with debts from a range of different creditors.